At 3:00 a.m., I saw a whale address transfer an eight-figure sum to a CEX, and the comments section started shouting “smart money is escaping the top.” I stared at the screen for a moment—what does that have to do with the liquidation level I just calculated?

Actually, when you’re three steps from the red line, the most important thing isn’t figuring out how many steps are left—it’s asking yourself first: does this position come from a restlessness that keeps you up, or is it a real strategy? I’ve seen people hold on when they’re three steps away, only to miss a step and get caught; I’ve also seen others cut early, then slap their thighs the next day. There’s no correct answer, but you have to face what you’re gambling on.

For now, I’ll set up auto-reduction first, then close the app and go to sleep. After all, the chain won’t get any kinder just because I’m watching it. Those “smart money” moves might just be someone’s routine of adjusting hot and cold wallets.